"QE Was A Massive Gift Intended To Boost Wealth", Fed President Admits

With Bernanke gone, the remaining Fed members knowing full well they will be crucified, metaphorically of course (if not literally) when it all inevitably comes crashing down, are finally at liberty with their words... and the truth is bleeding out courtesy of the president of the Dallas Fed, via Bloomberg.

FISHER SAYS QE WAS A MASSIVE GIFT INTENDED TO BOOST WEALTH

Which incidentally coincides with Bernanke's heartfelt "admission" that "my natural inclinations, even if it weren’t for the legal mandate, would be to try to help the average person." As long as helped to boost the wealth of the non-average billionaire., all is forgiven. "The result was there are still many people after the crisis who still feel that it was unfair that some companies got helped and small banks and small business and average families didn’t get direct help,” Bernanke said. “It’s a hard perception to break." The truth, as again revealed by Fisher, will not help with breaking that perception.

We wonder how President Obama, that crusader for fairness, equality and all time Russell 200,000 highs, will feel about that? In the meantime, just like the Herp, QE is the gift that keeps on giving.. and giving... and giving... to the 0.001%.

Counterfeiting operations always produce wealth for the first spenders of the counterfeited cash....or credit. QE is the worlds largest legal counterfeiting operation, and it is making the .1% very wealthy.

Many of the 1990s' millionaires are now 21st century billionaires, making it hard on those millionaires who missed out on the Fed QE handouts.

As for those millionaires who didn’t trickle on up with QE, Robert Frank last year related their sad story:

Richard Kirshenbaum writes of a friend (whom he doesn't name) who no longer feels important in New York because he's only a millionaire. It's what Kirshenbaum calls the "millionaire malaise."

"I'm 1990s money—in a new age—with one less zero," the friend says. ..

Now, it takes at least $100 million to matter in New York. He says he feels like a "loser" because of his $10 million apartment. His wife's 8-carat diamond is out-blinged by a friend's 20-carat rock. He's proud of his floor seats; another guy buys the team…

…the millionaire malaise stems from a rapid growth in inequality—not just between the 1 percent and 99ers, but also between the 1 percent and the 0.0001 percent…

If the U.S. income structure were a building, he said, it would look more like the spear-shaped Burj Khalifa hotel in Dubai rather than a pyramid. If the top 0.1 percent were on the 160th floor, the top 1 percent would be on the 10th floor. And if Larry Ellison were on the 160th floor, Mitt Romney would be on the 6th floor and the rest of America is mixing with the top 1 percenters on the lower floors.

"The 99.99th percentile now sits on the third floor and the entire bottom 99 percent—and then some—mill around the lobby," Winship writes. "We are the 99.99 percent?"

With the new, soaring glass towers going up in Manhattan with $90 million penthouses, it's not hard to imagine that those living "below" in the prewar palaces along Fifth Avenue can actually feel disadvantaged.

"As an example, she described a conversation with a couple at a Manhattan dinner party: “They started saying, ‘If you’re going to buy all this stuff, life starts getting really expensive. If you’re going to do the NetJet thing’”—this is a service offering “fractional aircraft ownership” for those who do not wish to buy outright—“‘and if you’re going to have four houses, and you’re going to run the four houses, it’s like you start spending some money.’”

The clincher, Peterson says, came from the wife: “She turns to me and she goes, ‘You know, the thing about 20’”—by this, she meant $20 million a year—“‘is 20 is only 10 after taxes.’ And everyone at the table is nodding.”

All of this smells funny. Don't get me wrong, the bankers are vile theives but who has considered that they were setup to take advantage of their bankrupting the country? Could they be the American version of "useful idiots"? Certainly when things go south they will be blamed. They have been front and center all along. They will be crucified. I would be amazed if Republicans blame the bankers before Democrats. At this level of the game I think it will be an ally. The ally in power is Democrat. They have the guns and the intel. What will the bankers do? Shoot billion$ - no match for bullets.

The NASA collapse article is a real eye opener to just how thoroughly infected the brain is at the stage. The bug has full control now. Practically the only thing to stop it is bankrupcy. The only enemy is the bankers and financiers. This is true in Russia, China, and virtually every major country as well.

New money doesn't cause inflation until after its spent so the money-creator's money retains its value while debasing everyone else's. The central banking model is simply legalized counterfeiting and acts as a wealth transfer mechanism for the banking mafia.

Yeah, but the Elysium Support Class is 20% of the population (and we benefited allot from the Fed "wealth affect), and if you include everybody living directly and indirectly off of Big-Gov that's about 50% of the population.

A majority want the Fed to keep the existing system going. Duplicity always wins.

Banana Republic economics teaches us that the smaller the middle class, and the greater the distribution towards a rich person-poor person economy, the more sustainably productive the economy is in real terms.

Kill the middle class, concentrate the wealth at the top .05 percent spectrum (through central planning via use of debt-fiat printing), and enjoy the booming economic growth.

Just ask Greenspank, who understands what few do: You don't need to manufacture value-accretive products to become wealthy, you just need to be able to manufacture fiat to purchase "stocks"on "equity markets."

It'll all end with an epic crash, like EVERY BUBBLE BEFORE IT HAS (that's a 100% track record of bubbles popping if you're keeping track @ home).

Maybe I am too uneducated to actually see an excerpt of Fisher's actual comments, or even a link to the supposed Bloomberg source? I may be too uneducated to find the information anywhere on Bloomberg's site. I am definitely too stupid to get any results on Google that do not link their source of this information to Zerohedge.

In 2013 mr. Fisher had this to say regarding who was helped and who was devastated by the money printing policy of the fed.

"Counteracting whatever benefits one can trace to the fed's unorthodox policies are some obvious costs.

First, savers and others who rely on retirement monies invested in short maturity fixed income investments such as bank cd's and treasury bills, have seen their income evaporate, while the rich and the quick, the big money players of wall street have become richer still."

That should enlighten you. Also change to bing as your search engine as google routinely edits search results to conform to its agenda. If you become really enlightened you will remove every single vestige of google on your computer.

I can also find nothing about this, after reading this article I had to get up out of bed to try to find it. Nothing. The closest I found (and there is absolutely nothing even remotely resembling this on Bloomberg now) were two articles giving brief summaries of the speech in London today (which we would assume this article is referring to, right?) with no mention of this headline.

Thank you! I wasn't being lazy when I asked if others had links, I just couldn't find anything that was a refeerence to this ZH article. I starting getting a little angry that everybody was happy to have an opinion despite the fact that nothing was really reported (no link or text related to Fisher). I actually thought the article might have been click bait.